The investigational medicinal product (ARA 290, 4.0 mg) or placebo will be self-administered by a once daily injection s.c. for 28 days. Participating subjects meeting inclusion criteria, and not fulfilling any exclusion criterion on screening, will be randomized double-blind within one week following screening 1:1 to either treatment with ARA 290 or with placebo. Before the first treatment, serum for determination of cytokines, adipokines, and hormones will be collected. Participants will be investigated further with OGTT, HbA1c and clinical assessment after 2 weeks and at study end, after 4 weeks. They should also perform a self-monitoring blood glucose (SMBG) curve once weekly during the treatment period, e.g., altogether 6 blood glucose tests during one day. Four weeks after the last dose, patients will return for HbA1c and fasting blood glucose levels.